2018-02-20T07:52:11-06:00 2017-06-30 510232475 COVER & ROSSITER PA 62 ROCKFORD ROAD SUITE 200 WILMINGTON DE 19806 990 2016-07-01 510329119 DELAWARE COMMUNITY REINVESTMENT ACTION COUNCIL INC DELA 3022983250 600 SOUTH HARRISON STREET WILMINGTON DE 19805 RASHMI RANGAN EXECUTIVE DIRECTOR 3022983250 2018-02-07 1 PETER KENNEDY P00571422 3026566632 2018-02-06 65.222.158.10 2018-02-07 13:47:08 ES P 51A5AF13FFA99C57054240069FBFAD273D7D3CFB 8D191E08DB101E1EC41A31CDFFC2B919F26BEB5C 2016 2021-01-29 14:40:06Z MS RASHMI RANGAN 600 SOUTH HARRISON STREET WILMINGTON DE 19805 806641 0 X WWW.DCRAC.ORG X 1987 DE THE MISSION OF THE DELAWARE COMMUNITY REINVESTMENT ACTION COUNCIL IS TO ENSURE EQUITABLE TREATMENT AND EQUAL ACCESS TO CAPITAL FOR UNDERSERVED POPULATIONS AND COMMUNITIES IN DELAWARE. 11 11 10 6 0 0 540641 717205 0 0 178 -31492 344262 26651 885081 712364 0 70000 0 0 343417 388222 0 0 27504 216666 157643 560083 615865 324998 96499 889177 938215 73247 25786 815930 912429 X SINCE 1987, DELAWARE COMMUNITY REINVESTMENT ACTION COUNCIL (DCRAC) HAS SERVED THE COMMUNITY AS A STRONG CONSUMER ADVOCATE, EFFECTIVE EDUCATOR OF CONSUMER FINANCE, FORECLOSURE PREVENTION PROFESSIONAL, TITLE & TAX ATTORNEYS, AND AS A BANKER. DCRAC'S MISSION IS TO ENSURE EQUITABLE TREATMENT AND EQUAL ACCESS TO CREDIT AND CAPITAL THROUGH ADVOCACY, EDUCATION, LEGISLATION AND OUTREACH. DCRAC'S PURPOSE: 1) BUILD A POOL OF QUALIFIED BORROWERS OF FINANCIAL PRODUCTS AND SERVICES2) BUILD THE CAPACITY OF FINANCIAL INSTITUTIONS TO OFFER PRODUCTS AND SERVICES 0 0 141222 0 0 LOW INCOME TAX CLINIC: AS PART OF THE INTERNAL REVENUE SERVICE RESTRUCTURING AND REFORM ACT OF 1998 (RRA 98), CONGRESS ENACTED IRS SUBSECTION 7526 TO AUTHORIZE FUNDING FOR THE LOW INCOME TAX CLINIC GRANT PROGRAM. THE PROGRAM PROTECTS TAXPAYERS' RIGHTS BY PROVIDING ACCESS TO REPRESENTATION FOR LOW-INCOME TAXPAYERS, SO THAT ACHIEVING A CORRECT OUTCOME IN AN IRS DISPUTE DOES NOT DEPEND ON THE TAXPAYER'S ABILITY TO PAY FOR REPRESENTATION. MANY LOW-INCOME TAXPAYERS ARE ALSO INDIVIDUALS FOR WHOM ENGLISH IS A SECOND LANGUAGE (ESL TAXPAYERS). CONSEQUENTLY, CONGRESS AUTHORIZED FUNDING FOR ORGANIZATIONS TO PROVIDE OUTREACH AND EDUCATION ABOUT TAXPAYER RIGHTS AND RESPONSIBILITIES TO ESL TAXPAYERS IN ADDITION TO REPRESENTING LOW-INCOME TAXPAYERS IN CONTROVERSIES WITH THE IRS. REPRESENTATION, EDUCATION, AND ADVOCACY ARE THE PRIMARY FUNCTIONS OF LITCS. 171416 70000 ECONOMIC JUSTICE PROGRAM: STEPPING STONES COMMUNITY FEDERAL CREDIT UNION (SSC FCU): THE STORY OF SSC FCU BEGINS ON OCTOBER 16, 2003 WITH A COMMUNITY MEETING AT NEIGHBORHOOD HOUSE TO DISCUSS PREDATORY LENDING. NCUA GRANTS THE ONLY CHARTER IN 2011 TO STEPPING STONES. MEMBER EDUCATION IS CENTRAL TO OUR GROWTH PLANS. PROVIDING COMPETITIVE ALTERNATIVES TO COSTLY LOANS AND BANKING SERVICES, IS EQUALLY IMPORTANT. THE UNBANKED OFTEN END UP PAYING TWO SETS OF FEES - ONE TO TURN THEIR PAYCHECK INTO CASH, ANOTHER TO TURN THEIR CASH INTO A MONEY ORDER. IN 2008, THE BROOKINGS INSTITUTION ESTIMATED THAT SUCH FEES ACCUMULATE TO $40,000 OVER THE CAREER OF A FULL-TIME WORKER. WE OFFER $5 SHARE ACCOUNT, DIRECT DEPOSITS, AND AFFORDABLE LOANS. THIS FISCAL YEAR, WE HAVE LAID THE GROUNDWORK FOR A BANK ON WHEELS. IN 2018, WE EXPECT THE VAN TO DRIVE INTO NEIGHBORHOODS, OPEN ACCOUNTS, PROVIDE INFORMATION ON DIRECT DEPOSITS, AND INSTANTLY ISSUE ATM CARDS USABLE AT NO COST AT A WSFS BANK ATM. 129076 0 0 HOUSING CLINIC: WORKS TOWARD FORECLOSURE PREVENTION, SUSTAINABLE HOMEOWNERSHIP, AND OBTAINING TITLE FOR HOMEOWNERS (INCLUDING MOBILE HOMES) WITHOUT ONE. BEHIND EVERY FORECLOSURE IS A FAMILY WHO HAS LOST ITS LARGEST STORE OF WEALTH, HAS AN EXTENSIVE INJURY TO THE CREDIT RATING, AND HAS HAD A PSYCHOLOGICAL IMPACT ON SELF-CONFIDENCE AND FUTURE FINANCIAL SECURITY. WE HELP GUIDE THESE FAMILIES TOWARD A MORE SECURE FINANCIAL FUTURE BY ASSESSING THEIR CHOICES: KEEP THE HOME OR FIND ALTERNATIVE HOUSING. OUR FUTURE HOMEOWNERS WILL BUILD AND PRESERVE THEIR WEALTH BECAUSE THEY RECOGNIZE THAT IT IS THEIR REPONSIBILITY TO PROTECT THEIR LARGEST INVESTMENT - THEIR HOME. OUR TITLE PROJECT WORKS WITH HOMEOWNERS TO RESOLVE THEIR TITLE ISSUES AND ENSURE THAT OWNERSHIP IN THEIR HOME IS CLEAR AND CORRECT. 119572 0 0 CREDIT CLINIC: WORKS TOWARD DEVELOPING MORE CAPABLE AND FINANCIALLY SAVVY CONSUMERS WHO ARE AWARE OF THE PROS AND CONS OF THEIR ACTIONS/INACTIONS AND ARE A RESOURCE TO THEIR FAMILY, FRIENDS, AND COMMUNITY. LAUNCHED IN 1995, THE PROGRAM HAS CHANGED IN RESPONSE TO OUR CLIENTS, TECHNOLOGY, AND OF COURSE CHANGES IN THE INDUSTRY. AS AN ESTABLISHED PROGRAM, IT ENJOYS FINANCIAL SUPPORT FROM OUR FINANCIAL INSTITUTIONS, AS WELL AS, A FEW STATE AGENCIES. IN ADDITION TO TEACHING CLASSES AND PROVIDING FINANCIAL COACHING, WE ALSO USE FACEBOOK TO SET UP A 52 WEEK SAVINGS CHALLENGE AND A 52 WEEK CREDIT BUILDER CHALLENGE. WE ARE WORKING TOWARD LAUNCHING AN APP NEXT YEAR. 119572 0 0 561286 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3 0 10 1 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X X MS RASHMI RANGAN 3022983250 600 SOUTH HARRISON STREET WILMINGTON DE 19805 DOMENIC PEDANTE SECRETARY 1.00 1.00 X 0 0 0 VINCENT LOFINK DIRECTOR 1.00 1.00 X X 0 0 0 CAROL L DAVIS CHAIRMAN 1.00 1.00 X X 0 0 0 AUSTIN EDISON DIRECTOR 1.00 1.00 X 0 0 0 ALBERT GRIFFITH DIRECTOR 1.00 1.00 X 0 0 0 CHANTEL VANDERHORST DIRECTOR 1.00 1.00 X 0 0 0 DAN BODDIE VICE CHAIRMAN 1.00 1.00 X X 0 0 0 SHONDELL AYALA DIRECTOR 1.00 1.00 X 0 0 0 KATHY MCDANIEL DIRECTOR 1.00 1.00 X 0 0 0 ANNE MOUNTAIN DIRECTOR 1.00 1.00 X 0 0 0 RALPH MERLINI DIRECTOR 1.00 1.00 X 0 0 0 RASHMI RANGAN EXECUTIVE DIRECTOR 40.00 20.00 X 87069 0 0 87069 0 0 0 0 0 0 0 589 72851 643765 717205 1643 1643 444 55132 0 88711 444 -33579 -33135 -33135 14377 5566 8811 8811 GIFTED LOAN PAYMENTS 900099 10599 10599 MISCELLANEOUS 900099 7241 7241 17840 712364 -13652 0 8811 70000 70000 87069 78231 4023 4815 272253 244614 12584 15055 28900 25898 1368 1634 225 211 14 9182 8631 551 59 55 4 7764 7298 466 13789 12962 827 9237 8682 555 45743 42999 2744 20503 19273 1230 1278 1202 76 1144 1075 69 13341 12539 802 11960 11243 717 OTHER MISCELLANEOUS 19143 12354 789 6000 TELEVISION PROGRAMMING 4275 4019 256 615865 561286 27075 27504 267055 298757 60832 7440 707353 88816 548702 618537 12255 13481 333 0 889177 938215 16674 25786 56573 0 73247 25786 X 770930 912429 45000 0 815930 912429 889177 938215 96499 0 X 0 1 X 1 0 X 489808 591623 473587 815641 727804 3098463 489808 591623 473587 815641 727804 3098463 794800 2303663 1137 1844 3088 178 1643 7890 30063 43038 51931 21618 146650 3253003 0.70820 0.79290 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 0 0 0 1 0 0 0 0 PART II-B, LINE 1: THE EXECUTIVE DIRECTOR HAS BEEN ENGAGED IN ADVOCACY, COMMENTING TO REGULATORS ON COMMUNITY REINVESTMENT ACT, SPECIFICALLY SMALL BUSINESS DATA DISCLOSURE. IN ADDITION TO, BEING INVOLVED IN RULE MAKING ON ARBITRATION, PAYDAY LENDING, AND MILITARY LENDING AND IN DELAWARE, PARTICIPATED IN ROUND TABLES ON PAYDAY LENDING. APPROXIMATELY, $5,000 IN TIME AND TRAVEL WAS DONATED TO THIS EFFORT. 6500 6500 565480 65732 499748 5036 4197 839 130337 18887 111450 618537 1017930 300000 300000 717930 -5566 -5566 712364 921431 300000 5566 305566 615865 0 615865 PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES -5,566. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 5,566. 1 STEPPING STONES COMMUNITY FEDERAL CREDIT UNION 603 NORTH CHURCH ST WILMINGTON DE 19801 453643816 501(C)(1) 70000 FMV ADMINISTRATIVE ASSISTANCE, OFFICE SPACE STEPPING STONES COMMUNITY FEDERAL CREDIT UNION WAS ENVISIONED, CREATED, SPONSORED AND OPERATED BY DCRAC. ALTHOUGH A SEPARATE LEGAL ENTITY, STEPPING STONES SERVES THE LOW-INCOME COMMUNITY IN CONSONANCE WITH AND COMPLEMENTING THE DCRAC MISSION. 0 1 PART I, LINE 2: CONTRIBUTIONS TO STEPPING STONES COMMUNITY FEDERAL CREDIT UNION ARE USED AS CAPITAL TO ENABLE IT TO LOAN FUNDS TO CLIENTS IN FURTHERANCE OF BOTH DCRAC AND STEPPING STONES' MISSIONS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM AND PRESENTED TO THE EXECUTIVE DIRECTOR WHO PERFORMS A DETAILED REVIEW. THE FORM IS THEN MADE AVAILABLE TO THE FULL BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C UPON ACCEPTANCE AND ANNUALLY THEREAFTER, BOARDMEMBERS ARE REQUIRED TO EVALUATE THEIR COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY AND REPORT ON ANY POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE DIRECTOR'S SALARY AND BENEFITS ARE EVALUATED ANNUALLY BY THE BOARD. RECOMMENDATIONS FOR INCREASES ARE BASED ON THE BOARD MEMBERS' EXTENSIVE EXPERIENCE WITH OTHER AREA NONPROFIT ORGANIZATIONS AND KNOWLEDGE OF COMPENSATION PRACTICES IN GENERAL. FORM 990, PART VI, SECTION C, LINE 19 DCRAC MAINTAINS COPIES OF ITS FORM 990 AND MOST RECENT AUDITED FINANCIAL STATEMENTS ON ITS WEBSITE WWW.DCRAC.ORG. DCRAC BELIEVES THIS ALONG WITH OTHER THE INFORMATION ON ITS PROGRAMS AND SERVICES AVAILABLE ON ITS WEBSITE, SHOULD SATISFY MOST LEGITIMATE INQUIRIES. REQUESTS FOR FURTHER INFORMATION WILL BE EVALUATED ON A CASE BY CASE BASIS. STEPPING STONES COMMUNITY FEDERAL CREDIT UNION C/O DCRAC 603 N CHURCH ST WILMINGTON DE 19801 453643816 CREDIT UNION PROVIDING FINANCIAL SERVICES TO UNDERSERVED POPULATIONS. DE 501(C)(1) 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 STEPPING STONES FCU B 70000 CASH STEPPING STONES FCU N NOT READILY AVAILABLE STEPPING STONES FCU O NOT READILY AVAILABLE